HomeMy WebLinkAboutRES 583 Draft 01 1976-1980County of Hawaii—State of Hawaii
Resolution No. 5143
A RESOLUTION AUTHORIZING THE TEMPORARY LOAN OF FUNDS FOR
UNDERTAKING PUBLIC IMPROVEMENTS.
WHEREAS, Section 103-6, Hawaii Revised Statutes, authorizes
the county director of finance, with the consent of the council,
to make temporary transfers or loans from any fund except
pension or retirement funds, funds under the control of any
independent board or commission, funds set aside for redemption
of bonds or the payment of interest thereon, and private trust
funds, which in his judgment are in excess of the amounts
necessary for the immediate requirement of the respective
funds, and where in his judgment such action will not impede
the necessary or desireable financial operations of the county,
to other funds of the county for undertaking public improvements
for which the issuance or sale of the general obligation bonds
have been duly authorized; and
WHEREAS, by Ordinance No. 482 adopted by the County Council
on October 17, 1979, and amended by Ordinance No. 511 adopted
on December 19, 1979, and further amended by Ordinance No. 550
adopted on March 5, 1980, $2,000,000 in general obligation
bonds were authorized for issuance to undertake the South
Kohala Water Development project; and
WHEREAS, the $2,000,000 is needed on or about April 15,
1980 in order to award the contract to undertake the project
and to save the $1,000,OOO.in state funds appropriated by
Act 244, S.L.H. 1978, for this project; and
WHEREAS, market interest rates presently exceed the
eight per cent legal interest ceiling applicable to county
J �l
general obligation bonds and notes; now, therefore,
Be It Resolved by the Council of the County of Hawaii
that the director of finance be authorized in accordance
with Section 103-6, Hawaii Revised Statutes, to temporarily
transfer or loan $2,000,000 to the Capital Projects Fund
for the South Kohala Water Development project from any
other funds which can wholly or partially accommodate such
transfer or loan and to make any other temporary transfer
from any other funds made necessary by the transfer to the
Capital Projects Fund; and
BE IT FURTHER RESOLVED that the funds from which the
transfers or loans are made shall be reimbursed by the
director of finance from the proceeds of.the bond sales
upon the eventual issuance and sale of the bonds, or by
appropriations of the council.
Dated this 25th day of
COUNTY COUNCIL
County of Hawaii
Hilo, Hawaii
March , 1980.
INTRODUCED BY:
rAJL— 40ait, fr,Gc s
C15unclimembe U
ounty of Hawaii
I hereby certify that the foregoing RESOLUTION was by the vote indicated to
the right hereof adopted by the COUNCIL of the County of Hawaii on.
ATTEST:
`PIR.B. LEGASPI
COUNTY CLERK
March 25, 1980
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6 /6YLks/
gT'Eirn"AH a, es' ing Officer
ROLL
CALL VOTE
AYES NOES
A/E
Dahlberg
X
Domingo
X
Fujii
X
Garcia
X
Kawahara
X
Lai
X
Sameshima
X
Taliri
X
Chr. Yamashiro
X
6 0
3
Reference:.......:........
M.B. No . ...............
RESOLUTION NO.
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583
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